Within reach? Achieving gender equity in financial services leadership - Deloitte
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Within reach? Achieving gender equity in financial services leadership
About the Deloitte Center for Financial Services The Deloitte Center for Financial Services (DCFS), which supports the organization’s US Financial Services practice, provides insights and research to assist senior-level decision-makers within banks, capital markets firms, investment managers, insurance carriers, and real estate organizations. The center is staffed by a group of professionals with a wide array of in-depth industry experiences, as well as cutting-edge research and analytical skills. Through our research, roundtables, and other forms of engagement, we seek to be a trusted source for relevant, timely, and reliable insights. Read recent publications and learn more about the center on Deloitte.com. Connect: To learn more about the vision of the DCFS, its solutions, thought leadership, and events, please visit www.deloitte.com/us/cfs. Subscribe: To receive email communications, please register at www.deloitte.com/us/cfs. Engage: Follow us on Twitter at: @DeloitteFinSvcs. About 100 Women in Finance 100 Women in Finance’s more than 15,000 members strengthen the global finance industry by empowering women to achieve their professional potential at each career stage. Its members inspire, equip, and advocate for a new generation of industry leadership in which women and men serve as investment professionals and executives, equal in achievement and impact. Through education, peer engagement, and impact, the organization furthers the progress of women who have chosen finance as a career and enables their positive influence over precareer young women.
Contents
Foreword by Amanda Pullinger, CEO of 100 Women in Finance3
A call to action 5
The business case for gender equity 6
Not enough progress: What our data revealed 8
Tapping into talent: Strategies to help achieve gender equity 11
Reaching higher 14
Endnotes 15Within reach?
KEY MESSAGES
• In 2019, the proportion of women in leadership roles within financial services firms is
21.9 percent, which is projected to grow to 31 percent by 2030—still below parity.
• At an organizational level, our analysis reflects that across financial services
organizations, for each additional woman added to the C-suite, the number of women
in senior leadership roles rose threefold.
• Among the key challenges that could impact succession, the percentage of women in
senior leadership roles has not kept pace with those in the C-suite, and this gap has
widened since 2010.
• Strategies for improving leadership outcomes for women should be multifaceted and
inclusive.
2Achieving gender equity in financial services leadership
Foreword by Amanda Pullinger,
CEO of 100 Women in Finance
T
HE DELOITTE REPORT in risk-taking roles often lags meaningfully across
your hands, Within financial services. We note that women still
reach?, presents manage only single-digit percentages of client
something rare— assets, this being an obvious next area of
long-duration research coupled opportunity for the industry’s use of women’s
with practical tactics to more abundant skills. As fiduciaries, our paramount
fully realize one of the financial concern should be bringing forward this pool of
services industry’s best opportunities, namely, talent for immediate client benefit.
cultivating larger numbers of
female executives to lead the
industry forward.
“As we work to advance progress for
women now working within the
This report contains some positive
news. We’re encouraged by the fact
financial sector, we should direct
that women are now the majority equal attention to inspiring the
of financial services industry
employees and that the percentage
next generation of young women.”
of female executives is expected to
grow from 22 percent today to 31 percent by 2030, 100 Women in Finance, along with our industry
but recognize there is more work to be done to colleagues, such as Deloitte, is working to address
realize more than just incremental growth in the this opportunity. We propose that the finance
next decade. We should take a moment to reflect community should think about cultivating female
on factors that most certainly contributed to the talent much earlier, among precareer young
growth so far—intentional recruitment, innovation women who are just starting to form career
in retention, supportive reentry, as well as ambitions and those entering the workforce. As we
mentoring, sponsorship, and strong peer networks. work to advance progress for women now working
The industry deserves credit for important within the financial sector, we should direct equal
initiatives toward improved gender diversity that attention to inspiring the next generation of young
are now paying off. Today, more women enjoy women to favorably view our industry, and to
longer, more satisfying, and more senior-level evolve the workplace to be worthy of their
careers in financial services, and the industry is career selection.
stronger, in part, for their collective presence
and contributions. We are grateful for Deloitte’s enduring work to
explore the past, present, and future status of
Progress, of course, is never as swift or evenly women in the financial services industry, as well as
distributed as we’d wish to see. Representation its diligence in identifying potential levers for
equity in leading lines of business and in continued progress. We agree with Deloitte that
3Within reach?
momentum likely depends upon a number of We encourage all industry leaders to incorporate
factors, including transparency, visibility of female Deloitte’s recommendations into their leadership
leaders, support from men, and strong peer praxis, while maintaining confidence that Deloitte’s
networks for women. vision for gender equity is, indeed, within reach.
—Amanda Pullinger, CEO, 100 Women in Finance
4Achieving gender equity in financial services leadership
A call to action
T
HE CASE FOR organizational diversity has Our Within Reach? series will explore topics
never been more convincing. Diversity related to women in financial services. While there
within firms has been shown to drive are multiple dimensions to diversity, this inaugural
innovation1 and increase productivity.2 Gender report is focused on gender equity in leadership.
diversity, in particular at the leadership level, has
even been linked to boosts in profitability.3 It’s no
wonder, then, that 34 percent of CEOs recently
Our findings suggest an array
ranked diversity and other societal impact of opportunities for financial
indicators as a key measure of success when
evaluating firm performance.4
services institutions to retain,
develop, and grow the share of
Despite this, achieving a greater share of women in
leadership roles remains a challenge for many women in leadership.
firms. The numbers alone should spark a call to
action: While women and men are nearly equally We analyzed more than 100 large US financial
reflected in the US labor force,5 the representation services institutions to assess how women have
of women dwindles the higher up they rise in fared in leadership roles since 1998. To
leadership ranks. Women account for a mere complement our analysis, we impaneled a virtual
5.4 percent of CEOs at S&P 500 companies.6 forum of executive women leaders, which we called
Unfortunately, while many firms have instituted “The future of women leaders in the financial
diversity and inclusion initiatives in response to services industry” (see sidebar on pg. 14, “About
gender disparities and other diversity issues, many the project”), to obtain their insights on the path to
traditional programs have not led to a significant leadership. They shared their inputs on the
acceleration in the share of women in leadership.7 programs and networks they find most valuable,
the leadership skills and styles needed to meet the
Organizations should consider rethinking their future business environment’s complex realities,
strategies to improve leadership outcomes for and their experiences on what, and who, has
women. One of the key ways they can do that is by motivated and inspired them throughout their
making intentional efforts specifically aligned to careers. Our findings suggest an array of
growing the share of women in leadership roles. opportunities for financial services institutions to
Only then might greater gender diversity in retain, develop, and grow the share of women in
leadership be within reach. Notably, these trends leadership.
are playing out across industries, and financial
services firms are not immune.
5Within reach?
The business case for
gender equity
T
OMORROW’S BUSINESS ENVIRONMENT influence, and managing remotely—as top
will continue to be full of change. In addition leadership requirements in the future.
to societal forces, firms must also contend
with technology’s impact on business models and When asked to describe the type of skills future
persistent uncertainties within the economic leaders would need, tellingly, the responses by our
environment.8 As a result, organizations are panel of financial executives aligned with the
imploring their leaders to keep up with this future leadership requirements of those financial
changing landscape and guide them through services institutions surveyed. The panelists almost
uncharted territory.9 Over 80 percent of financial unanimously championed the importance of
services institutions surveyed in Deloitte’s relationship-oriented skills. Confronted with the
2019 Global Human capital trends report, shifting nature of work11 and increasingly remote or
however, believe their organization is only siloed workforces, the panelists argued that
somewhat effective, or not effective at all, in thriving leaders will be strong communicators and
identifying and developing leaders that can keep connectors who can unite and motivate people to
up with these evolving challenges.10 action quickly.
What capabilities might tomorrow’s most effective With this in mind, the gender imbalance in
leaders in financial services possess to navigate leadership at the top in financial services could be
these challenges? The overwhelming majority of a missed opportunity for many institutions. Why?
financial firms listed relationship-oriented skills A recent Harvard study12 revealed that women
that are often undervalued—like leading through outscore men in 17 of 19 leadership capabilities,
complexity and ambiguity, leading through many of which were noted in the survey as
“Too often, inclusion and diversity are used synonymously. Inclusion is a collaborative, supportive, and
respectful environment that increases the participation and contribution of all employees. Inclusion
efforts make it easier for companies to become more diverse. Finding similar interests, experiences,
goals, and values draws people together, focusing on their similarities and not their differences.
Inclusion efforts give employees a sense of belonging. Formal inclusion efforts can foster individuals to
thrive in an organization, allowing them to contribute to their full potential. Companies that are focused
on inclusion can help their organization retain talent, grow new markets, be innovative, create a more
positive work environment, and foster good community relations and customer satisfaction.”
— Panelist, “The future of women leaders in the financial services industry”
6Achieving gender equity in financial services leadership
requirements for leading in the future. Some of the
areas where women were perceived to excel at
include taking initiative, building relationships,
collaboration and teamwork, leadership speed,
powerful and prolific communication, and
innovation.
The panelists also highlighted the importance of With many financial services institutions citing
continuous learning, which arguably must become challenges with future-ready leadership, it might
lifelong13 in the future business environment, as behoove those that want to remain competitive in
the nature of work continues to evolve and the face of change to take a closer look at the
competition increases. Once again, respondents untapped talent of women within their ranks.
from the Harvard study rated women higher than Women are just as capable to lead financial
men in practicing self-development.14 institutions into the future.
7Within reach?
Not enough progress:
What our data revealed
I
T IS FAIR and important to acknowledge the
progress that has been made over the past two
EMERGING LEADERSHIP
decades. The financial services industry has Closer examination of C-suite titles also
witnessed a slow but steady rise in the proportion revealed a subset of roles that have mostly
emerged within the last decade (for example,
of women serving in leadership positions. The
chief data officer, chief sustainability officer,
efforts that financial services institutions have
chief inclusion officer, chief diversity officer,
made to attract and retain women for these and chief digital officer). Women account for
positions can be clearly seen in this rise in approximately one-third of these emerging
leadership. As mentioned earlier, more institutions leadership roles. We’ll explore this subset,
in recent years have begun to prioritize diversity, and the other leadership categories, in more
partly due to growing societal pressures that detail in future reports of our Within Reach?
heavily emphasize diversity.15 Some customers, for series.
instance, have begun to demand diversity in
leadership from the companies that serve them.16 in financial services leadership could reach only
Government requirements to disclose diversity 31 percent in 2030 (figure 1)—an improvement, but
metrics and policies are also already underway in still well below parity. This forecast is in line with
some financial segments. 17
some predictions that estimate we might not see an
equal number of women and men in overall US
The proportion of women in leadership roles until at least 2085.19
financial services leadership It’s important to note, however, that much of the
could reach 31 percent in 2030— research widely available on women in leadership
does not distinguish between the types of roles
an improvement, but still well within leadership and how women are faring
below parity. We might not see within each level. Someone in the C-suite, for
example, may progress very differently than
an equal number of women in someone who is a senior vice president. For firms
overall US leadership roles until to further address gender diversity in their top
ranks, understanding the nuances within
at least 2085. leadership could be an essential factor to consider.
Accordingly, we divided the data, based on
However, more work should be done. Though reported titles, into two major categories: C-suite,
women make up more than 50 percent of the which includes all C-titled roles at the corporate
financial services industry’s US workforce,18 they leadership level, and senior leadership, which
account for just under 22 percent of leadership includes senior-level roles that are typically one to
roles, according to our analysis (figure 1). three levels below the C-suite. (Figure 2).
Assuming growth continues at the slightly greater When segmenting the data into C-suite and senior
rate observed since 2013, the proportion of women leadership categories, another picture emerges
8Achieving gender equity in financial services leadership
FIGURE 1
The growth of women in leadership roles in the financial services industry
35%
30%
25%
20%
15%
10%
5%
Projected growth 2020–2030
98 00 02 04 06 08 10 12 14 16 18 20 22 24 26 28 30
19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
Note: Percentage of women in leadership roles within a select sample of financial services institutions inclusive of C-suite
and senior leaders.
Source: Deloitte Center for Financial Services analysis of Boardex LLC data.
Deloitte Insights | deloitte.com/insights
FIGURE 2
Defining leadership roles
C-suite
C-titled roles at the corporate leadership level
(for example, chief executive officer, chief
financial officer, or chief marketing officer).
Senior leadership
Non-C-titled executives (for example,
line-of-business leaders, division chiefs or
regional leaders, EVPs, or SVPs or equivalent).
Depending on the institution, this may be 1–3
levels below the C-suite).
Source: Deloitte Center for Financial Services analysis.
Deloitte Insights | deloitte.com/insights
9Within reach?
(figure 3). The percentage of women in senior 24.8 percent in senior leadership. This suggests
leadership has not kept pace with women in the that institutions might need to place extra
C-suite. The gap has continued to widen since 2010 emphasis on improving the outcomes for women in
and reached 7.6 percentage points in mid-2019. If the latter category. Without more deliberate effort
nothing else changes and growth in both segments to add more women to senior leadership roles,
continues at the pace observed since 2010, when institutions could face a talent gap when searching
the percentage of each group was relatively equal, for women with the right experience for top
the share of women in the C-suite could reach positions in the near future.
34.1 percent in 2030 compared with just
FIGURE 3
Percentage of women in leadership roles, by role category
C-Suite Senior leaders
35%
30%
25%
20%
15%
10%
5%
Projected growth 2020–2030
98 00 02 04 06 08 10 12 14 16 18 20 22 24 26 28 30
19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
Source: Deloitte Center for Financial Services analysis of Boardex LLC data.
Deloitte Insights | deloitte.com/insights
10Achieving gender equity in financial services leadership
Tapping into talent: Strategies
to help achieve gender equity
G
IVEN THESE FINDINGS, what can financial ranks. Additionally, women at the top may be
services institutions do to fully unlock the positioned to advocate for other women rising
potential of women in their pipeline? How through the ranks. They also represent an
might they accelerate the growth of women in attainable ideal for the next generation of women
leadership roles? Strategies for improving who, upon entering the workforce, may be
leadership outcomes for women should be weighing recruitment options.
multifaceted and inclusive across leadership levels.
Below are some recommended areas of focus. “She did not mentor me. She did not sponsor
me. But she absolutely inspired me. Because
she was there. It was like seeing someone
Understand and embrace break the four-minute mile for the first time
the multiplier effect and forever after just knowing that it could
be done.”
Despite the disparity in overall numbers, financial
— Panel facilitator, “The future of women leaders
institutions have an opportunity to shift the
in the financial services industry”
balance at an organizational level. We analyzed the
data of our representative institutions to determine
if having a greater number of women in the C-suite Improve transparency
creates a positive, or multiplier, effect on the and accountability
number of women in senior leadership. Our
analysis revealed a threefold increase in senior Actionable, measurable, and transparent diversity
leadership for each additional woman added to the policies signal to employees, clients, and the
C-suite. This finding, along with Deloitte’s broader community that attracting, retaining, and
Women in the boardroom, 5th edition study, which advancing women are priorities.
found that “organizations with women in the top
leadership positions have almost double the Our panelists noted that the diversity of their
number of board seats held by women,” suggests
2o
clients is rapidly changing—faster than their own
that having a greater share of women at the most firms, in some cases. Consequently, many clients
senior leadership levels creates a tangible ripple view diversity in leadership as a requirement and
effect across the organization. review diversity policies and practices of the
businesses that serve them before engagement.
It also gives credence to the familiar and powerful Lack of transparency or falling short of diversity
refrain, “If you see it, you can be it,” which many expectations could lead to missed business
on our panel of executive women echoed. Knowing opportunities.
it can be done, as well as seeing and experiencing
diverse representation at the highest levels of New requirements at the state and federal level are
leadership, can motivate women as they climb the also prompting institutions to disclose diversity
11Within reach?
initiatives. California was the first state to legally In 2008, Goldman Sachs launched its Returnship
mandate public companies, with principal offices in program, the first in the financial services
the state, to have at least one female board member industry,27 and many institutions have since
by the end of 2019. The law also requires
21
developed similar initiatives. With more than 3
incremental increases by the end of 2021. Four million women estimated to be seeking restart
other states are currently considering similar opportunities,28 restart efforts are making their
measures.22 At the federal level, the House way into inclusion and experienced hire recruiting
Committee on Financial Services’ Subcommittee programs. Several consultancies focused on
on Diversity and Inclusion, the first of its kind in restarts, such as Après, iRelaunch, and reacHIRE,
Congress, plans to address the diversity levels, have also launched in the last few years. These
policies, and practices of the country’s largest companies and others help large financial services
banks.23 institutions and other organizations develop restart
channels within their inclusion programs and help
Companies still grappling with transparency and identify candidates. They also work directly with
accountability can find examples of positive women who are ready to restart, offering services
outcomes both within and outside the financial to prepare them for the path back, as well as
services industry. Westpac Banking Group, for matching them to opportunities.
instance, reached gender parity in its leadership
ranks in 2017, after publicly declaring its goal and Still, more progress should be made. Of the 230
openly detailing its path to achieve it.24 Salesforce, global firms in Bloomberg’s 2019 Gender-Equality
another example, publicly identified gender pay Index, only about one-third reported having some
equality as a core value and actively worked to even form of a restart program for women in place.29
the disparity.25 Creating or expanding existing programs to
support women who are pursuing a restart could
“Some of our line-of-business executives have be a differentiator within diversity program
tracked all categories of diversity at their planning and lead to better leadership outcomes
leadership levels with great outcomes.” for women.
— Panelist, “The future of women leaders
in the financial services industry”
Support and enable
mentorship, sponsorship,
Invest in programs that and peer networks
support women reentering
Institutions should not underestimate the power of
the workforce
support and the value of networks in advancing
Women are more likely than men to pause their women. Both mentorship and sponsorship, for
careers to address family needs, pursue additional instance, have often been instrumental to
education, or for any number of other reasons.26 employee retention, higher employee success rates,
Doing so can have lasting consequences when they and promotion readiness.30 Mentors, who lend
choose to restart. Those within our panel who career advice, might be more critical earlier in a
restarted their careers after a significant pause woman’s career, the panelists said. However, as
noted that they did so by relying on their personal she moves into more senior-level positions, having
networks or engineering their own paths back, a sponsor, or someone with the personal capital to
which indicates there is still much progress to be advocate for her advancement, typically takes on
made to support restarts. greater importance.
12Achieving gender equity in financial services leadership
from all leaders, including men. They asserted that
“Networking has strengthened my business
the gender of sponsors wasn’t as important as the
relationships. I have developed a group of
diverse professionals that I can now reach out sponsor’s commitment to help advancement. Along
to for support and guidance on a professional with women, men can be allies and serve as
as well as personal level.” champions of change as well.
— Panelist, “The future of women leaders in
Peer networks are also important and can impact
the financial services industry”
leadership outcomes. Networks, both internal and
external, give access to new ideas, fresh
Sponsorship has also been linked to having a perspectives, and opportunities. Internal networks
measurable influence on an employee’s satisfaction can connect women across all levels of the
related to their career progression.31 Most panelists organization and provide an open forum for
highlighted, however, that finding a sponsor dialogue on the common issues they are facing and
throughout their careers was difficult. Thus, given how to address them. External networks,
how sponsorship can directly and positively impact meanwhile, yield broader perspectives and
the advancement of women, current financial connections for women both within their industry
leaders should reassess their existing efforts as segments and beyond them. A recent study found
sponsors and then look for ways to improve their that women who secured high-ranking leadership
support—such as coaching, strategizing, providing positions were most likely to be well-connected
high-visibility opportunities, and making within their peer network and have strong ties to
introductions to other leaders.32 other connected women.33 With this in mind,
institutions can provide tools and guidance for how
Notably, our panelists also emphasized that greater to build, access, and make the most of these
gender diversity in leadership will require support valuable channels.
13Within reach?
Reaching higher
T
HE FIRST WOMEN’S Rights Convention in
ABOUT THE PROJECT
the United States was held in 1848, during
which Elizabeth Cady Stanton released the The insights in this report are based in
Declaration of Sentiments. Modeled after the US part on a crowdsourced exercise (“panel”)
by Currnt on behalf of the Deloitte Center
Declaration of Independence, the document not
for Financial Services. The project, fielded
only called for women’s suffrage, but also for the
over four days during July 2019, involved 20
opportunity for “one portion of the family of man”
senior-level women leaders representing
to participate in “profitable employments.” It took
banking, insurance, investment management,
70 more years of campaigns and protests until the and commercial real estate firms. The
US Senate passed the 19th amendment, giving project was designed to augment the
women the right to vote.34 quantitative analysis portion of the project
by exploring the leaders’ insights, including
Even today, much more can be done to create how people and experiences inspire and
opportunities for women to participate at the shape leaders; the path to leadership for
highest levels of the US financial services industry. women; sponsorship, mentorship and
At the current pace, the share of women leaders is inclusion programs; and perceptions
expected to reach almost one-third of total about the attributes and skills required of
future leaders.
leadership roles by 2030. That’s good progress.
But if financial institutions reach higher to adopt The quantitative analyses reported in
the ideas set forth in this report, with the support the “Not enough progress: What our data
of both women and men in the corner office, many revealed” and “Understand and embrace
could show even greater progress in the coming the multiplier effect” sections are based
years. Achieving gender equity in leadership roles on the Deloitte Center for Financial
seems the right thing to do and also makes good Services’ proprietary analysis and custom
business sense. This is a call to action for all segmentation of 107 financial services
institutions’ data from BoardEx. The 107
leaders to help make sure it doesn’t take another
institutions represent the top 25 each in
70 years to get there.
banking, investment management, insurance,
and commercial real estate firms by asset
size, in addition to select payments provider
firms included in the banking segment. A
cross-sectional association analysis was
conducted at the organizational level to
determine the multiplier effect. Where
used throughout the report, “financial
services” denotes the previously listed
industry segments.
14Achieving gender equity in financial services leadership
Endnotes
1. Rocio Lorenzo and Martin Reeves, “How and where diversity drives financial performance,” Harvard Business
Review, January 30, 2018.
2. Stephen Turban, Dan Wu, and Letian (LT) Zhang, “Research: When gender diversity makes firms more
productive,” Harvard Business Review, February 11, 2019.
3. Yoni Blumberg, “Companies with more female executives make more money—here’s why,” CNBC, March 2,
2018.
4. Erica Volini et al., 2019 Global Human Capital Trends, Deloitte Insights, July 31, 2019.
5. US Bureau of Labor Statistics, Women in the labor force: A databook, December 2018.
6. Catalyst, “Pyramid: Women in S&P 500 companies,” September 1, 2019.
7. Heather Doshay, “Three reasons why your diversity and inclusion programs are not working,” Forbes, July 17,
2018.
8. Heather Stockton, Mariya Filipova, and Kelly Monahan, The evolution of work: New realities facing today’s leaders,
Deloitte Insights, January 31, 2018.
9. Volini et al., 2019 Global Human Capital Trends.
10. Ibid.
11. Stockton, Filipova, and Monahan, The evolution of work.
12. Jack Zenger and Joseph Folkman, “Research: Women score higher than men in most leadership skills,” Harvard
Business Review, June 25, 2019.
13. Jeff Schwartz, Heather Stockton, and Kelly Monahan, Forces of change: The future of work, Deloitte Insights,
November 9, 2017.
14. Zenger and Folkman, “Research: Women score higher than men in most leadership skills.”
15. Stockton, Filipova, and Monahan, The evolution of work.
16. Alycia Sutor, “How diversity drives business development,” GrowthPlay, November 15, 2018.
17. US House Committee on Financial Services, “Committee finds more work is needed to improve diversity at
megabanks,” press release, August 13, 2019.
18. Catalyst, “Quick take: Women in financial services,” May 21, 2019.
19. Carrie Kerpen, “How will we reach gender parity in leadership? One workplace at a time,” Forbes, December 11,
2018.
20. Deloitte, Women in the boardroom—5th edition, March 7, 2017.
21. Laura Weiss, “California board diversity mandate spreads to other states, Washington,” Roll Call, July 19, 2019.
22. Ibid.
23. US House Committee on Financial Services, “Committee finds more work is needed to improve diversity at
megabanks.”
24. Westpac, “Gender equality,” accessed October 3, 2019.
15Within reach?
25. Juliet Bourke et al., 2017 Global human capital trends, March 1, 2017.
26. Kim Parker, “Women more than men adjust their careers for family life,” Pew Research Center, October 1, 2015.
27. Beecher Tuttle, “Do banks’ returnship programs really work? A look at where returnees are today,”
eFinancialCareers, October 3, 2018.
28. Après, “About us,” accessed August 1, 2019.
29. Bloomberg, “Bloomberg gender-equality index doubles in size, recognizing 230 companies committed to
advancing women in the workplace,” January 16, 2019.
30. Center for Creative Leadership, “Women need a network of champions,” accessed October 3, 2019.
31. Center for Talent Innovation, The sponsor dividend, January 8, 2018.
32. Herminia Ibarra, “A lack of sponsorship is keeping women from advancing into leadership,” Harvard Business
Review, August 19, 2019.
33. Emily Dreyfuss, “For women job seekers, networking like a man isn’t enough,” Wired, January 21, 2019.
34. National Park Service, “Declaration of sentiments,” accessed October 3, 2019.
About the authors
Patty Danielecki | pdanielecki@deloitte.com
Patty Danielecki is a senior manager and chief of staff at the Deloitte Center for Financial Services,
Deloitte Services LP, where she leads the strategy and operations functions of the center. She has
more than 20 years of experience in operations and research. She is based in New York.
Tiffany Ramsay | tiramsay@deloitte.com
Tiffany Ramsay is a senior market insights analyst at the Deloitte Center for Financial Services, Deloitte
Services LP, where she contributes to research initiatives that differentiate the center as a thought
leader in the financial services industry. Ramsay holds a bachelor’s degree in sociology and a master’s
degree in public administration from Cornell University.
Acknowledgments
The authors would like to thank Sarah Dyer, chief marketing officer, 100 Women in Finance; Michael
Petrillo and Kenton Anderson of Deloitte Data Platforms; and Alok Ranjan, Narasimham (Simha)
Mulakaluri, and Shruti Panda from the Data Science team for their contributions to this report.
16Achieving gender equity in financial services leadership
Contact us
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Practice leadership
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The Deloitte Center for Financial Services
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+1 617 585 4877 | jeckenrode@deloitte.com
Jim Eckenrode is managing director of the Deloitte Center for Financial Services.
100 Women in Finance
Amanda Pullinger
Chief executive officer | 100 Women in Finance
Amanda@100Women.org
Amanda Pullinger is the chief executive officer of 100 Women in Finance (previously 100 Women in
Hedge Funds). She leads a small staff team and manages over 500 volunteer practitioners globally,
overseeing the operations of the organization, which now has over 15,000 members in 24 locations.
17Achieving gender equity in financial services leadership
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